Kuwait renews $3.7bn oil deal with India's Bharat
Kuwait, May 6, 2014
Major oil producer Kuwait has renewed crude supply contracts with India's Bharat Petroleum Corporation Ltd (BPCL) worth up to $3.7 billion a year, the Gulf state's official news agency KUNA said on Tuesday.
State-owned Kuwait Petroleum Company (KPC) signed one contract with BPCL and another with its subsidiary Bharat Oman Refineries Ltd (BORL), KUNA said. The report did not specify any volumes.
OPEC member Kuwait produces about 3 million barrels per day (bpd) of oil, about two thirds of which is exported.
BPCL operates a 240,000 bpd Mumbai refinery in western India and a 190,000 bpd Kochi refinery in the south of the country.
It also has majority stakes in the 60,000 bpd Numaligarh refinery in northeast India and the 120,000 bpd Bina refinery in central India. The Bina refinery is operated by Bharat Oman Refineries Ltd, in which state-owned Oman Oil Company has a minority stake. – Reuters